Oh come on Red, Sabanfan is a millionaire in waiting..... As long as he keeps dreaming the American dream it's possible..... Right billionaires?
SabanFan is a millionaire already, most of the upper-income middle class over 50 have a 7-figure net worth. But he's still a middle-class guy working for living. He's got damn little in common with 8- and 9- figure millionaires, much less the 10- and 11-figure Billionaires with government-subsidized private jets.
GDP grew at an annual rate of just 1.7% in the six quarters before the 2003 tax cuts. In the six quarters following the tax cuts, the growth rate was 4.1%. Once again I'm not going to defend Bush's irresponsible spending but Obama's spending has been much worse. To me healthy revenue is one that pays for a government that runs a sensible budget.
No silly. The goal is balance. If we have huge deficits that is because the government isn't taxing the rich enough.
I have to agree with you red. There should be no tax deductions and because of that the overall % could go down. The tax system should be simple and easy to understand. Each person and business should pay a simple , low rate with no deductions, short forms or long forms. A simple one page form would do. Your rate is 15% and that's what was taken out of your check. You made 100k and you pay 15k. Simple and easy. Most of the power and corruption in government is a result of the manipulation of the tax system. We could take most of this power and ease the ability of politicans to be corrupted by changing the way we collect taxes.
What you are describing would be a crippling tax increase on the middle class and a massive tax cut for the wealthiest Americans. The working poor would be hurt even more than the middle class. Progressive tax systems are good for the economy. Our tax system is complex, but it makes sense. People who support tax simplification have usually not considered the consequences.
This is a correlation that implies a causality that isn't proved. For instance,after Bill Clintons 1993 tax rate hike the economy grew by 4 percent a year, 21 million jobs were created and record federal budget deficits turned to record surpluses. It certainly shows that tax revenues rose as a percentage of GDP after the Clinton tax increases. So clearly, there is no causality between tax cuts and a rising GDP.
